Careem registers 30% monthly growth in 2016

Wael Fakharany, managing director of Careem, said that the company is working to train 10,000 captains (drivers) per month, across the governorates where the company operates.

These governorates include Cairo, Giza, and Alexandria, as well as the North Coast during the summer season.

He added that the company offers its services in 32 cities spanning the Middle East region, which includes 10 countries, including the United Arab Emirates, Saudi Arabia, and Egypt. In Egypt alone, the company currently operates 25,000 cars.

According to Fakharany, Careem registered a monthly business growth estimated at 30% in 2016. He added that he fully intends on transforming Careem into a company worth tens of billions of dollars.

Since it was established in 2012 at the hands of Mudassir Sheikha and Magnus Olsson—both former management consultants at McKinsey & Company—along with Saudi businessman Abdullah Elias, it recorded a monthly growth rate of over 35%.

Careem recently announced a strategic partnership with NEXT Future Transportation to inaugurate an electric driverless cars project in the Middle East and North Africa, in addition to investments worth $100m in research and development.